I'm normally a BMW guy but who can say no to a cobra?
Long story long... a friend of mine has a carfax confermed 48k mile 98 cobra. Lazer red tan inner. 410 gears otherwise stock. She said it knocked one day. She took it to a shop who said she had a rod knock and it will cost 5k to fix. She drove it home, parked it, hasn't started is since. That was 3 months ago. I saw it in her garage and fell in love. Battery is dead so I couldn't listen to see if its top or bottom end knock. She said 4k and its mine... good or bad deal?
My friend in texas worked for marillo motor sports and told me to take the deal and run.

I'm kinda hoping the shop was trying to screw her and it just needs heavyer oil or lifters are starved. I've also hear of a bad t5 causing a knocking sound (don't know if thsts true or not)

New motor = big $
Used mark VIII = + / - $1000
If said cobra had bad bottom end I could pull the motor and turn the crank/new bearings for cheap but how long would it last?
I'm putting my money on a motor with less than 50k miles would not have bad bottom and the knock is a hallucination of the previous owners imagination and too light of oil... optomistic

$4000 doesnt seem bad. if it is a rod knock, buy a mark viii long block and swap over the intake cams and install engine. ive bought 3 mark viii engines with each being less than 90,000 miles for less than 400 apiece.

$4000 isn't a bad deal, I would likely try to negotiate a lower price since you know your going to dig into the engine, reguardless of the issues. If you can bring $3000 cash over, grab a crate engine to slide in for $6000, thats $9000 total investment, which is what I would pay for a lazer red cobra with 48k miles on it. Give or take, and this is just me. Lord knows i've put 4x that in my 96, but its a keeper. If your planning to fix up, drive until you get a ticket, and then go buy a BMW inline 6, well don't waste the time. The engine swap is a project on an already depreciating investment.